In a nation's balance of payments, the current account includes
A) the changes in the official reserve transaction account.
B) the purchases of foreign assets.
C) the balance of the trade account, the balance of the services account, and net unilateral transfers.
D) all of the above.
C
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If you save more because Social Security motivates you to provide a greater level of inheritance for your children, then this is referred to by economists as the
A. slovenly effect. B. bequest effect. C. asset substitution effect. D. induced retirement effect.
Standard graphical analysis shows that monopoly creates a deadweight loss.
(i) How and why must this welfare analysis be modified when the firm is a natural monopoly? (ii) How and why must this welfare analysis be modified when the firm's market power is acquired from a legal barrier to entry?
"Americans hate broccoli." "Because so few Americans like broccoli, average broccoli sales are lower in America then anywhere else." Which of these two statements about the preferences of Americans is more accurate? Why?
What will be an ideal response?
Ways to ration goods include
A) first-come, first-served. B) political power. C) prices. D) all of the above.